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SEC Sues Beacon Hill Asset Management, in Latest Hedge Fund Debacle
The SEC has filed a civil fraud complaint against New Jersey based Beacon Hill Asset Management, after the firm shocked investors last month by reporting losses topping 50%.
Those losses were revealed perhaps all too suddenly. The losses could have been due to more than just volatile movements in the mortgage backed bond markets, the reason that the hedge fund's executives told investors.
The fund's $400 million under management now is in the hands of Ellington Management of Greenwich, Connecticut.
Source: Wall Street Journal, November 8, 2002
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